SAG INFOTECH PVT. LTD

Presentation of depreciation as per Companies Act 2013 as well

as Income tax act 1961

New asset wise detailed depreciation chart is introduced from AY(2015-16)FY(2014-15)

Now assessee can prepare depreciation according to block and assets wise

Import facility from old depreciation chart of previous year to new depreciation chart of current year

Preparation of depreciation chart as per company’s act 2013 and As per Income tax act

1961

For user other than company who are not suppose to calculate Depreciation as per companies act 2013 old depreciation Chart is also available .User can also switch from old Depreciation chart to New Depreciation chart

New Depreciation View Old Depreciation View

Import facility from old depreciation to new depreciation.Auto calculation of depreciation as per

companies act 2013 according to useful life of asset.

Remaining useful life which we are calculating is New useful life-lapsed life which we found in

software .User will select whether he wants to consider part of assets as full year or not for

calculating remaining useful life

If you are preparing depreciation chart other then company then you can use this option alternatively (import from old depreciation

chart)

If you have already prepared depreciation in AY (2015-16) with old formatting and want to import from previous AY 2014-15 then you can

use this option.(delete old data & import the

same again with new format)

If part of year is not consider as full year then Select rounding of months upto nearest year

Mapping of old asset block into new asset group

User have to select method of depreciation whether it is

WDV or SLMNote: Method of

Depreciation should be same for all assets for a

financial yearThis is a common setting of method of depreciation for

all assets

User have to select method of depreciation whether it is

WDV or SLMNote: Method of

Depreciation should be same for all assets for a

financial yearThis is a common setting of method of depreciation for

all assets

In this screen asset of user is television then user have to map this television into new asset group master by

clicking on ADD New Asset Group

ORIf asset group is already

exist then you can use edit Asset group master

By adding new asset group user have to select :

a)Block of asset as per income tax actb)Block of asset as per books for other then companyc)Block of asset as per companies act 2013

Manage asset group master

We have provided all the list according to block of income tax act 1961.user

can select category of asset from available list

in genius so that rate will automatically appear for

auto calculation of depreciation.

Selection of block of asset and rate of depreciation

As per this example user has selected machinery and plant group for income tax so rate of depreciation is automatically selected i.e. 15% and as per companies act 2013 block is plant & machinery so useful life and rate of depreciation will auto come i.e. 8 years & 31.33% as per WDV and 11.88% as per SLM

Selection of asset group as per companies act 2013

As per new companies act 2013 depreciation should be recognize over the useful life of asset so in genius we are providing you list of assets as per schedule II of companies act 2013 so that user can choose appropriate asset from available list with its useful life for auto calculation of depreciation.

Mapping of all old group of asset according to new asset group

By clicking on next option user will appear on this slide where he

can use import option to import data as per new

asset group master

By clicking on next option user will appear on this slide where he

can use import option to import data as per new

asset group master

Select appropriate option and click on next option to import from old WDV of asset in AY (2015-16) with opening balances to

calculate depreciation according to new asset

group

Adjustment in opening WDV:If there is a sale from opening then insert details of deduction

User can select assets wise depreciation method and residual value other than common settings

If there is a deduction from opening WDV then user has to bifurcate opening WDV into two parts i.e. WDV which is sold during the year and WDV which

remains with company .For example opening WDV of Air conditioner (AC) is 50000 from which AC of WDV of Rs 10000 is sold during the year then AC should be bifercated into two parts 10000 and 40000For 10000 WDV we have to insert detail of deduction i.e. Date of deduction and sale value of assets coz user is maintaining assets wise record so that assets wise profit and remaining WDV can be recognize.

WDV of assets is 10000 and sold at 15000 profit will be 5000 Rs.

Depreciation will be calculated on remaining WDV i.e. 40,000 Rs

Details of Assets Acquired during the year

Asset which are acquired during the year will

govern with new provisions of companies act 2013 so here user can insert details of addition

Now user have to insert detail of asset which are acquired during the year

and assets which are sold during the year from that addition

Addition and deduction during the year

Total assets with the company

a)Opening WDV of assetsb)Additions in the assets during the year

List of fixed asset of the company

Here is the print of depreciation as per schedule II company act 2013

Depreciation chart as per income tax act 1961 according to block